TORONTO, May 5, 2017 /CNW/ - Home Capital Group Inc. ("The
Company" TSX: HCG) announced that Alan
Hibben has been appointed to the Board of Directors
effective today, replacing Gerald
Soloway, the Founder of the Company, who had previously
announced his pending retirement.
"This is the start of our governance renewal," said Kevin Smith, Chairman of the Board. "We are very
pleased to welcome Alan to the Board and thank Jerry for his many
years of service in building the Company. Alan's broad range of
experience will be key in helping Home to navigate the new
challenges facing the Company and to rebuild confidence. His skills
will be particularly helpful as the Board works closely with
management and advisors on solutions to the Company's funding
needs."
Mr. Smith added that more changes are pending: "We have made
considerable progress in identifying new candidates for the Board
and in our search for a new Chief Executive Officer. The new CEO
will in turn be involved in the hiring of a new Chief Financial
Officer, providing a major refresh in our corporate leadership as
part of the the process of rebuilding the Company."
Mr. Hibben is an experienced director and financial executive.
During his career, he has served as an independent financial
advisor to clients including the Ontario government; as head of strategy at
Royal Bank of Canada, the
country's largest financial institution; as a managing director of
mergers and acquisitions at RBC; and as president of a trust
company that faced a difficult restructuring and eventual sale
after previous management had been relieved.
Mr. Hibben said: "I am looking forward to working with the team
at Home Capital to restore confidence in what is a fundamentally
sound business, and one that plays a very important role in the
Canadian housing finance system. As the Company moves ahead with
the important process of governance and leadership renewal, I will
also work to encourage other candidates to join the Board in short
order."
Mr. Hibben will be appointed to the Board effective today and
will stand for election at the Company's upcoming Annual Meeting,
which will be held next month in Toronto.
Mr. Gerald Soloway had indicated
last month that he felt it was in the best interest of the Company
if he stepped down from the Board upon the appointment of a
replacement with recognized expertise in financial services. As a
result, Mr. Soloway will resign from the Board effective today and
not stand for re-election.
Alan Hibben Biography
Mr. Hibben has had a wide-ranging career in financial services,
with specific experience in merger and acquisition advisory
services, private equity and venture capital, trust company
management, project and leveraged finance, and Eurobond sales and
trading.
Mr. Hibben retired as a Managing Director in the Mergers and
Acquisitions Group of RBC Capital Markets in December of 2014.
Previously, he held the position of Head, Strategy &
Development at RBC Financial Group. In this role, he was
responsible for corporate strategy as well as merger, acquisition
and development activities for the Bank. He was also Chief
Executive Officer, RBC Capital Partners, the private equity
investment arm of RBC Financial Group.
Prior to RBC, Mr. Hibben worked in senior roles at North
American Trust Company, including serving as President from 1991 to
1993. He led this 30-branch, 650-employee national trust company
through a restructuring and sale after previous management had been
relieved and market conditions had eliminated profitability.
Mr. Hibben currently provides financing and strategic advice and
expert witness services through his advisory and investment
company, Shakerhill Partners Ltd. Since December 2014, he has been an advisor to the
Province of Ontario on a number of
files, including the Companies' Creditors Arrangement Act (CCAA)
processes for Stelco and Algoma Steel. He is also a director of
HudBay Minerals Inc. (TSX and NYSE: HBM), Extendicare Inc. (TSX:
EXE) and the Mount Sinai Hospital Foundation.
He earned a B.Com. from the University of
Toronto and is qualified as a Canadian CPA. He is also a CFA
charter holder and an Institute Certified Director (ICD.D) of the
Institute of Corporate Directors.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within
the meaning of applicable Canadian securities legislation. Please
refer to the Home Capital's 2016 Annual Report, available on Home
Capital's website at www.homecapital.com, and on the Canadian
Securities Administrators' website at www.sedar.com, for Home
Capital's Caution Regarding Forward-looking Statements.
About Home Capital Group Inc.
Home Capital Group Inc. is a public company, traded on the Toronto
Stock Exchange (HCG), operating through its principal subsidiary,
Home Trust Company. Home Trust is a federally regulated trust
company offering residential and non-residential mortgage lending,
securitization of insured residential mortgage products, consumer
lending and credit card services. In addition, Home Trust offers
deposits via brokers and financial planners, and through its direct
to consumer deposit brand, Oaken Financial. Home Trust also
conducts business through its wholly owned subsidiary, Home Bank.
Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British
Columbia, Nova Scotia,
Quebec and Manitoba.
SOURCE Home Capital Group Inc.